Its proposed landmark cluster of nine buildings next to Blackfriars Bridge will range from 5 to 48 storeys in height and create 1.4m sq ft of new space, split between 492 luxury apartments and 450,000 sq ft of offices and 25,000 sq ft of retail space.

It is estimated over 750 construction jobs will be created during the construction phase.

At 48 storeys, the tallest tower will stand opposite developer St George’s proposed One Blackfriars development creating a towering ‘Gateway’, on the south side of Blackfriars Bridge.

Three of the new buildings will be on the western side of the site, where the current Ludgate House office stands, with the remaining six constructed on the eastern location where the Sampson House block currently stands.

The masterplan delivers large areas of new open space for residents and their families, as well visitors to the South Bank. The most prominent of these will be a new 16,250 sq ft square.

The project will be delivered in multiple phases as existing leases expire at Ludgate House in the summer of 2015 and Sampson House in the summer of 2018.

Mark Harris, managing director at The Carlyle Group, said: “This is a once in a lifetime opportunity to truly regenerate and reinvigorate a large, important and extremely well located, but underutilised, site right on the River Thames.

“We plan to replace the existing impermeable block structures with a new, highly accessible urban quarter complete with new residential, retail and office facilities, as well as cultural centres and large new public spaces right on the riverbank.

“We are also very excited by the prospect of reopening east-west access by reinstating historic walkways, while at the same time helping to create a landmark physical gateway into Southwark.”